ICSID: «ConocoPhillips Petrozuata B.V., ConocoPhillips Hamaca B.V. and ConocoPhillips Gulf of Paria B.V. v. Bolivarian Republic of Venezuela (ICSID Case No. ARB/07/30)»

pubil(Background) «On November 2, 2007, the Claimants submitted a Request for Arbitration against Venezuela to the International Centre for Settlement of Investment Disputes («ICSID” or the “ Centre ”) pursuant to Article 36 of the ICSID Convention. On December 13, 2007, the Secretary – General of ICSID registered the Request for Arbitration in accordance with Article 36 (3) of the ICSID Convention.

The Tribunal was constituted on July 23, 2008. Its members were Judge Kenneth Keith, a national of New Zealand, appointed as president pursuant to Article 38 of the ICSID Convention ; Mr L. Yves Fortier, CC, QC, a national of Canada appointed by the Claimants; and Sir Ian Brownlie, CBE, QC, a national of the United Kingdom, appointed by the Respondent.

On February 1 , 2010, the Tribunal was reconstituted, with Professor Georges Abi-Saab , an Egyptian national, being appointed by the Respondent, following Sir Ian Brownlie’s passing .On September 3, 2013, the Tribunal issued a Decision on Jurisdiction and Merits (“Decision on Jurisdiction and Merits ”) . It found the Respondent in breach of its international obligation to negotiate compensation in good faith for its taking of Conoco Phillips’ assets in three oil projects in Venezuela , and rejected all other claims submitted by the Claimants. Professor Abi-Saab dissented from this Decision , but he has not yet provided the text of his dissent. …»

Click here for the decision.